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Primus Guaranty, the loss-making US-listed credit derivative specialist, has hired Malcolm Basing, former chief operating officer of UBS Americas, as its new UK chairman in a bid to build a European business.

Basing is currently development director for the City Disputes Panel in London, a charity set up to help financial institutions resolve disputes without resorting to litigation. He is a former chairman of the International Swaps and Derivatives Association.

He will report to Thomas Jasper, Primus Guaranty's chief executive, and will serve as a member of Primus's management committee. He will head a new office in London and be responsible for developing the company's business across Europe.

The shift into Europe follows record losses in the three months to June 30 of $9.2m (€7.7m) compared with net income of $200,000 in the same quarter last year.